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If you have any questions or need more detailed information, please feel free to contact me via phone at 301.613.7253 or fill out the form to let us know how we can help with your real estate needs.

Office Location 795 Rockville Pike,
Rockville, MD 20852
Phone: (301) 613-7253
Fax: (301) 424-9290

First-time Homebuyers

Not all first-time homebuyers are alike.  Your needs may require you to find a home quickly, while another newbie homebuyer may want to take their time in finding the perfect home.  Here are some tips to help you no matter what your situation.

1)  Find out what you can afford and get Pre-approved!

Many people figure you can search for homes then work out the financing later once you find the right home.  This is not wise as you may be looking in the wrong price range to begin with and you may become heartbroken once you realize you may not be able to afford that home you found.  Secondly, sellers look very favorably upon someone who is just about ready to sign on the dotted line.  Pre-approval helps to give you the advantage over a competing offer which in a seller’s market often happens.

2)  Make a list of what you NEED and WANT as well as secondary considerations for your new home. 

This is easier said than done for most new homebuyers.  If this is going to be a “starter home” in which you will move up in a few years, you may just start with the basics.  Many newbie homeowners will look for desired upgrade features in their second home and utilize the first as just an investment until they can move up to the dream home.  For others, this may be a permanent choice.  If this is the case, a well-thought out list of your future goals and family needs should be considered as well as a list of you needs, wants, and desires.

3)  Look for homes in YOUR PRICE RANGE

Negotiating prices of homes is done all the time.  However, if you stray too far outside your desired price range or pre-approval you may extend your search time.  Sellers often price a home for right around what they really believe they can get for their home.  Placing multiple low-ball offers on homes may not only prolong the process, but create undesired stress and disappointment as well. 

4)  Decide WHERE you want to live.

Make a list of all the schools you would like your children to attend, where you work, businesses you frequent, proximity of family, friends, and social activities, etc.  Then find out what your tolerance is with commuting to each of these events.  There is a reason why in real estate you hear the phrase, “LOCATION, LOCATION, LOCATION”; it’s because it is a VERY integral part of the process.  Otherwise, you may get your dream home but may not get to enjoy being there very often.

5)  Find a Realtor with EXPERIENCE in helping first-time homebuyers

Have you ever heard the phrase, “You don’t know enough to even know that you don’t know enough”?  A Realtor experienced in working with first-time homebuyers knows what they need to communicate to you regarding the buying process that you may not already know or even know to ask

How will the Powers Team help you?

You might be a bit afraid or intimidated by the whole process of buying your first home. As a top Rockville and Kensington real estate expert, it's my job to guide you, from beginning to end.

I will take the time to go through each and every step of the buying process. There are no dumb questions!

Together, we will consider:

- How much can you really afford?

- How to qualify for a mortgage.

- How much cash you should put down.

- How to buy a home with little or nothing down.

- What it takes to get approved for financing. What banks and other financial institutions are looking for.

- How much your payments will be.

- The tax advantages of buying.

- Is renting or buying better for you?

Tell me a bit about your situation below. I'll get right back to you. There is absolutely no charge, and I offer this to you with no strings attached. Please fill out the form below...

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More articles:

  • Investing in real estate
  • Why be pre-approved? (Prequalification vs. Pre-approved)
  • How does the settlement process work?
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